Cedi depreciates by 8.4% against dollar in interbank market
In January, the cedi depreciated by 4.6% to the US dollar, but it fared better in February 2026, losing 2.2% in value to the American greenback.
The Ghana cedi depreciated by approximately 8.4% against the US dollar in the interbank market in the first five months of 2026
This is compared with the 6.6% depreciation in April 2025.
According to the May 2026 Summary of Economic and Financial Data by the Bank of Ghana, the cedi traded at GH¢11.41 to one American greenback in May 2026.
This is compared with GH¢10.28 during the same period in 2025.
In January, the cedi depreciated by 4.6% to the US dollar, but it fared better in February 2026, losing 2.2% in value to the American greenback.
The losing streak continued depreciating by 5.0% and 6.6% in March 2026 and April 2026 respectively.
Nonetheless, in the retail market, the local currency has gained about 1.67% in value against the US dollar since January 1, 2026.
It is presently selling at GH¢12.10 to one American greenback at the forex bureaus.
Meanwhile, the cedi depreciated by 7.5% respectively to the pound and euro in the interbank market in May 2026.
The Ghana cedi extended its weakness against the major foreign currencies across major trading pairs in both interbank and retail markets.
The performance of the cedi is broadly in line with most analysts forecast.
The poor performance has been due to sustained import demand and cautious forex supply conditions, with sentiment influenced by recent financial position concerns of the Bank of Ghana.
However, the cedi is expected to improve its performance once the Board of the International Monetary Fund approves Ghana’s 6th review of the Economic Credit Facility programme.